Fed Effect: Market Slumps After Bullard's Comments to CNBC -- What Should Investors Do Now? Plus: Meme Stocks and How Retail Investors Continue to Upend the Financial Markets, and Capitalizing on Tech -- from FAANG to the Chips

Jim Cramer and Scott Wapner led off with the big story of the morning that sparked a market sell-off: St. Louis Federal Reserve President James Bullard telling CNBC there is "more inflation than we were expecting and I think it’s natural that we’ve tilted a little bit more hawkish here to contain inflationary pressures." Bullard also said economic growth has exceeded projections and that he sees an initial rate increase in late 2022. Jim and Scott discussed the market reaction to Bullard's remarks and what, if anything, investors should do now. They also explored this week's pullback in commodities prices -- especially lumber, copper, gold and corn -- and whether Fed Chair Powell's assessment of commodities inflation is on target. When the conversation turned to meme stocks including AMC and GameStop, the anchors weighed in on a Wall Street Journal article describing how amateur investors are upending the financial markets. Also in focus: How to play big tech, FAANG and the chip stocks in this environment, Adobe rising on better-than-expected results and guidance, and why Apple is the Dow's best performer this week.